Reference no: EM133005887
Problem 1: On November 1, 2021, Jade Mining Corp. purchased land with an ore mine for $30,000,000 in cash with expected residual value of $1,000,000 at the end of its useful life. The company expects to extract 4,000,000 tons of ore from the resource. If the company mined 80,000 tons and sold 50,000 tons of ore in November, the journal entry to record the depletion expense for the month ended November 30,2021 is?
Select one:
a. Depletion Expense_______________________________580,000
Accumulated Depletion-Ore Mine_________________________580,000
b. Depletion Expense_______________________________362,500
Ore Mine___________________________________________________362,500
c. Depletion Expense________________________________362,500
Accumulated Depletion-Ore Mine_________________________362,500
d. Depletion Expense_______________________________580,000
Ore Mine_________________________________________________580,000
|
Compute predetermined factory overhead rate for lavender co
: Assume that actual factory overhead was $152,500 and that Lavender applies factory overhead to Work in Process based on direct labor hours.
|
|
Is this investment worth purchasing
: Is this investment worth purchasing? Are there any other considerations you should be thinking of when entering into a financial arrangement such as this
|
|
Prepare all the necessary closing journal entries to be made
: Depreciation Expense $15,000. Brandon's, Capital $200,000. Prepare all the necessary closing journal entries to be made on 30th of June 2021.
|
|
What are the net cash flows of the project for years
: Assume that the corporate tax rate is 15% and the discount rate is 10%. What are the net cash flows of the project for years 1 to 4
|
|
What the journal entry to record depletion expense for month
: Sold 50,000 tons of ore in November, the journal entry to record the depletion expense for the month ended November 30,2021 is?
|
|
What is the additional amount of funds
: What is the additional amount of funds that Thomas will have when he reaches retirement in 10 years as a result of this year's service
|
|
What conclusion can you draw from it
: Question - If the coefficient of book to market is positive and statistically significant at 1%, what conclusion can you draw from it
|
|
Find what is the impact on the financial statements
: What is the impact on the financial statements if an adjusting entry for accrual income is not made? Income understated and profit understated.
|
|
Which the main purpose of the bank reconciliation is
: The debit balance of the trial balance is $256,000 and the credit balance of the trial balance is $265,000. This indicates which of the following?
|